Personal Property Securities Act set for an overhaul
Views on proposed changes to Australia's Personal Property Securities Act are being sought by the Federal Government by Friday 17 November 2023.
A statutory review was conducted in 2015 and is the origin of the proposed reforms. Of the 394 recommendations in that review, 345 have been accepted in whole or in part. Others have been rejected in total.
There are 19 recommendations that will be subject to further consultation. Sixteen are in this consultation and reflected in a draft Personal Property Securities Amendment (Framework Reform) Bill 2023 and Regulations.
Given the complexity of this first round of consultation, and the length of the draft Bill, we will be considering its details in the coming weeks and sharing our insights with you. In the meantime, if you have any questions, need help with a submission, or would like to explore particular issues in depth, please call our experts below.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.